Banks in the UK could be caught twice by measures chancellor George Osborne outlined in his Autumn Statement last week. Banks that are growing will fail to benefit from the cut in corporation tax cut in 2014 and will also be hit by the increased bank levy on balance sheets, which comes in next month.

Osborne told Parliament: “We will not pass the benefit of this reduced [corporation tax] rate on to banks and to ensure that we meet our revenue commitments, the bank levy rate will be increased to 0.13% next year.”

The levy had been due to be 0.105% from next year, while corporation tax is due to fall to 21% from April 2014.

Some experts have said the real reason behind the levy hike was a shortfall in proceeds from the tax, which has so-far failed to meet its £2.5bn per year target. The levy raised £1.8bn in 2011-12 and is projected to raise the same amount this year, according to the Autumn Statement report.

Tom Aston, financial services tax partner at KPMG, said that many of banks will not receive benefit from the corporation tax cut during the next few years, as “some of the big banks aren’t paying any corporation tax at the moment as they’re still eating through losses from the financial crisis”.

He said he believed Osborne’s move was more about “getting back to the £2.5bn target as opposed to compensating for the rate cut".

The levy is taken as a percentage of a UK bank's consolidated balance sheet and of a foreign bank's UK assets. However, banks operating in the UK have scaled back their operations faster than anticipated, meaning that the Treasury is likely to miss its target.

A spokesman for the Treasury confirmed that the levy had been hiked to account for the decrease in the size of banks’ balance sheets. He added that the total amount taken by the bank levy over the course of the current parliament would be equivalent to £2.5bn on an annual basis. The banking industry will contribute more than £2.5bn over each of the next five financial years until 2018, the Autumn Statement said.

Analysts said that the fall in corporation tax will benefit profitable banks such as HSBC and Barclays and the levy will hit those with expanding operations.

HSBC said in its third quarter results that it anticipated paying $600m toward the bank levy for this calendar year. It paid $820m in UK corporation tax last year and $4.3bn in tax overseas.

Barclays paid £300m of corporation tax in 2011 and £325m toward the bank levy, according to its 'Citizenship Report' for 2011.

Standard Chartered is likely to be hardest hit from the bank levy hike, the analysts said, as the lender expands the size of its balance sheet to grow in emerging markets. The bank said last week that it expects to pay $330m toward the levy next year, some $60m more than it had anticipated before the Autumn Statement.

Ian Gordon, banks analyst at Investec, said: "It's curious that the bank with the least exposure to the UK, that was the furthest from requiring any form of support during crisis, has seen a doubling of its bank tax in two years."

Royal Bank of Scotland and Lloyds Banking Group are unlikely to benefit from the fall in corporation tax in the near future as they do not currently make taxable profits. Analysts predict that both institutions will become profitable in 2014, although will still be carrying deferred tax assets from previous years' losses to offset their tax liabilities.

One said: "Lloyds should just about break even this year, while RBS should make some profits. If they’re not making meaningful profits then any change in tax isn’t going to alter the numbers for them."

The bank levy cost RBS £300m in 2011, while it cost Lloyds £189m, according to both lenders' annual reports.

Banks contributed £1.3bn in corporation tax in the year to last April, according to HMRC.

-- Write to Richard Partington at richard.partington@dowjones.com

• This is an extended version of an article that first ran in the newspaper on December 10, 2012